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. looking to ring in with a mileage tax. it will help to rebuild our crumbling infrastructure. would that crum bem our economy instead . i am tracey in for cheryl casone. welcome to carbin'. wayne john and john and julian and carroll. welcome everyone. so, oregon's democraticic congressman asking for a mileage tax to rebuild our roses and bridges. john is this good or bad what s going on here? >> this is a ridiculous. it is the wrong time to implement it. electric cars are decades away . having a mileage tax is decades away . putting odom heretos and logging down to the mileage manually. this would cost a fortune for the tax. we have a gas tax that is do go through road and bridges. >> and talking about a vehicle miles traveled tax. someone like me wayne, so much. i understand why people would want to clarge me more. >> i understand it, too. but john is right we have a fuel tax. and and it is it another way to track pime and look for trouble . you got a fuel tax and fuel tax is a huge tax . they are using the argument to get better mileage now. maybe you don't need to do so much. it
choice to do this show on this holiday weekend. coming up. hoping to pay that holiday bill with your tax return. come up with a back up plan. i.r.s. warning forororororor@a >> are you looking forward to the upcoming tax refund money? don't hold your breath. they're warning if dc doesn't get a debt done. tax refunds for 100 million americans will be on hold. tracey you say this is going to put and economic recovery on hold. >> shame on congress for putting the american people in this position again. 30 million people waiting to know if they did . dangling right now. how the heck do you file your tax return. it is it a simple tax return . it is the last day of return. they can't. it is so unfair. >> wayne, is it bad as tracey thinks it is it. >> i think i is worse than tracey thinks it s. amt or alternative minum tax wasa pass to hook the high bracket taxpayers. that was dropped down to 25,000. right in there and so that is for people filing as together. that means an extra 30 million people will be paying taxes that never paid taxes before. they don't understand the alternative minimum ta
their bottom line and will higher taxes be as bad for businesses as some say? all that and everything in between from three top leaders. >>> yikes! for yelp users. one woman post as scathing review of the business. now the owner is suing her for $750,000. does he have a case? he is is here it make it. even when they say it's not it is always about money. gamine application in nevada. >>> to o melissa: exxon hates your children, not my words. those are the words of a new campaign absolutely blasting the oil company and the industry. watch this. >> here at exxon we hate your children. we all know that the climate crisis will rip their world apart. but we don't care. because it is making us rich. >> that's right. every year congress gives the fossil fuel industry over $10 billion in subsidies. that is your tax dollars lining our pockets, making a fortune, devoiding your kid's future. at exxon that is what we call good business. melissa: joining me now in a fox business exclusive is the executive director of oil change international. it is one of the groups behind the ad. steve, welcome t
that protects the middle class from an income tax hike, extends unemployment to the 2 million americans looking for a job and lays groundwork for more economic growth and deficit reduction. >> just moments ago, senator harry reid says he's readying a bill for a vote by monday. all this follows a rare face-to-face closed door meeting at the white house today between all the key players, the president, the vice president, the treasury secretary and all four congressional leaders huddled together with just four days to go before we all go overs fiscal cliff. that meeting lasted for an hour and five minutes. on a story where every second and every maneuver counts, let's get chief to white house correspondent jessica yellin. jessica, the president says he's modestly optimist being but each also presented a backup plan. does the president really think it will come to that? >> at this point, no, they don't, john, because the white house is hopeful that the agreement that the senators are working on can actually move forward after the meeting here. there is a modest uptick in enthusiasm about that poss
package for an up or down vote, one that protects the middle class from an income tax hike, extends the vital life line of unemployment insurance to 2 million americans looking for a job, and lays the groundwork for future cooperation on more economic growth and deficit reduction. >> and just moments ago, senator harry reid says he's readying a bill for a vote by monday. all this follows a rare face to face-closed-door meeting at the white housed to between all the key players. the president, the vice president, the treasury secretary, and all four congressional leaders. huddled together with just four days to go before we all go over the fiscal cliff. that meeting lasted for an hour and five minutes. now on a story where every second and every maneuver counts let's get right to chief white house correspondent increase ka yellin. the president says he's modestly optimistic but he also presented a backup plan. does the president really think it will come to that? >> at this point, no. they don't. because the white house is hopeful, first of all, that the agreement that the senators a
, the scaled-down plan which would keep taxes low for 98% of americans, raising them for folks over 250, extending unemployment benefits. would you vote for that as an alternative to going over the fiscal cliff? >> i would have voted just to extend the tax cuts for 99.8% or whatever it was of americans that was john boehner's plan "b." a couple of things are either being misreported or inaccurately reported because what gets in the way of the president's plan is the constitution of the united states. and the good thing about this meeting is that the focus is now firmly on the united states senate where it should have been all these months. the house acted a long time ago to extend all the tax cuts and take care of sequestration. the senate has given speeches. >> you're referring to the fact that revenue issues are supposed to generate in the house. right now, both speaker boehner and the president say it's between reid and mcconnell which does raise the question, whatever procedural and constitutional issues, which are profound. are you concerned as a republican, someone who is close to
of america. that's why you've heard so much conversation about raising taxes. you raise taxes on the top 2% and you almost overnight, within the first 12 months, eliminate about 700,000 new jobs. you tack that on top of the regulatory reform, you're talking another 800,000 jobs "lost in america." so that's 1.5 million more americans out of work on top of 23 million americans. that's not the right direction. so my objective would start with a conversation of tax reform and spending control. >> \[inaudible] >> i would think that most americans are members of the tea party principally. we believe in limited government. we believe in lower taxes. we believe in keeping the government out of your pockets. if you believe in freekts, -- free markets, those are the basic tenets of the tea party. i would hope we all believe in that. that would be a decisive yes. >> \[inaudible] >> you look at his scorecard with the heritage action. he was a 98 and i was closing in on i think it was a 090. there was a couple that separated us, maybe some of the more well-known votes. other than that, i'm not quite su
to pay that holiday bill with your tax return. come up with a back up plan. come up with a back up plan. i.r.s. warning fororororororor this family used capital one venture miles to come home for the holidays. that's double miles you can actually use... sadly, their brother's white christmas just got "blacked out." [ brother ] but it's the family party! really jingles your bells, doesn't it? my gift to you! the capital one venture card! for any flight, any time! that's double miles you can acally use! how illuminating. what's in your wallet? let me guess, am on the naughty list again? ho ho ho! >> are you looking forward to the upcoming tax refund money? don't hold your breath. they're warning if dc doesn't get a debt done. tax refunds for 100 million americans will be on hold. tracey you say this is going to put and economic recovery on hold. >> shame on congress for putting the american people in this position again. 30 million people waiting to know if they did . dangling right now. how the heck do you file your tax return. it is it a simple tax return . it is the lt day of return. t
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this year. we are helping those families by freezing the council tax and by making sure that we help families with the cost of living. >> ed miliband. >> mr. speaker, we both pay tribute to workers and volunteers, but i never thought the big society was about feeding hungry children in britain. the problem is working people are turning to food banks. one head teacher of a teacher rated at standing says that even children with a parent or parents in work are often struggling with the choice between heating their homes, buying their children clothes, or buying them food. a report last week by the children's society said that 2/3 teachers were providing people with food or money to prevent them going hungry. mr. speaker, why does he think is happening, and why does it appear to be getting worse on his watch? >> i agree. we do have to do more to help the poorest in our country. that is why we have lifted the personal tax and have taken 2 million of the lowest paid people and remove tax altogether. if you take someone who is on a minimum wage to works full- time, because of the tax change
for compromise. he has an urgent plea to extend the tax cuts in the next ten days. he's basically calling for a stopgap bill that will avoid tax hikes on 98% of americans. he's willing to waiten o the rest. >>> meanwhile, stocks had a fiscal cliff selloff. but even a deal in january for the cliff is going to be all right if you ask me. and today's economic numbers pretty darn good. and the gun control debate heats up again today after a controversial nra news conference in washington. the "kudlow report" begins right now. >>> all right. let's first look at the market reaction to this fiscal cliff stuff. jackie joins us with the details. good evening, jackie. >> good evening to you, larry. while markets finished lower on the day, they were higher on the week. the dow up about .5%, the nasdaq higher by 1.7%, and the s&p 500 up by roughly 1.2% over the last five days. meantime in terms of sector performance, the financials, they had a rough day. the plan "b" proposal for the fiscal cliff. up more than 3% for the week. also technology and materials they finished lower on the day, as well, but
. they support proposition 30 in california to raise taxes one upper income californians and to raise the sales tax because hispanics remain at the lower level of the economic ladder and they use government welfare programs at a very high rate.t . lou: i welcome this discussion. now being by the republicans one reforming our immigration laws. but i hope there is not a rush to judgment somehow loses across a vast sea of facts and realities that have been avoided by both political parties. the american people really need to understand what is happening the hispanic community needs to understand what is happening.de the idea that this countryhere should be selecting those of prince and the united states based on their skills or bgo talents, that has to be a tough sell when theug land bridge istt downe south. >> that is white amnesty is very risky because it means that stopping the flow of illegal aliens from that land bridge will be even more difficult. lou: if there is an amnesty, to be the the third in the last 26 years and it will be something to watch.wa >> and we will have it in full, i guar
stage. the issues confronting small business owners. tax care, health care, hiring were the sources of two dpee baits between the two parties. the national federal of independent businesses' optimism was down 5.6 points to 87.5 points in november, the lowest since 2010. so what are small business owners concerned about for the coming year? three familiar faces to "your business" join us now. william. christy is the president and ceo of the national association of self-enemployed and with us is jo john. great to see you. we convinced john to come to new york this time. okay, john. i'm going to start with you since you made the trip to new york. we saw small business optimism index from nfib, bill's group has dropped what have you seen? >> we're seeing somewhat different. we did a poll. we did it with christy's organization. we now see unemployment at the lowest level it's been in four years and we're in no means out of the woods but there is glimmers of hope that seven of ten of the small businesses that we polled and this is a scientific across the country, not just our membership.
for the holidays. even as americans are facing more than $500 billion in tax hikes coming on january 1. with more on this, we have peter barnes, fox business sr. washington correspondent. what did the president have to say moments ago? >> john boehner did say that this would be a cooling off period. maybe they would have some time to reflect here. the president said that he did speak on the phone to speaker john boehner this afternoon. he also had majority leader harry reid to avoid the fiscal cliff and figure out a passport. he said he is ready and willing to try to get a compromise package done. all at once or stuff like that. but we'll have to wait until after the holiday. the president planning to hold out for the holidays, and congress is out for the holidays. the president saying that putting pressure began on republicans, house republicans, to least extend tax cuts for the middle class. that would be the step by scratch in transit approach and he is speaking to constituents back home who he hopes will give feedback to members of congress while they are there for the holiday to try to get t
plans that democrats used to support but now they won't. i don't want taxes to go up. republicans don't want taxes to go up. but we only run the house, democrats continue to run washington. >> gregg: national correspondent steve centanni joins us live from washington. >> reporter: d.c. may be some shutting down for christmas but the clock hasn't stopped and fiscal cliff is closer than ever. no deal was reached this week to keep taxes from going up. joan boehner pulled plug on the plan "b" and he says it is now up to the president and g.o.p. is continuing to hammer away at president obama. >> this is the year size of our debt surpassed the our economy. a grim milestone if we don't come to grips to w it. the president's plan to raise tax rates ko could still be as far as eye could see. >> reporter: president obama will return after christmas and work on fiscal issues. he believes a comprehensive deal could be reached but he seems to be acknowledging for scaled back plan for cutting taxes on the middle-class. >> even though democrats and republicans are arguing about whether those rates
. both sides still far apart, however, on taxes and spending cuts. senate majority leader harry reid says prospects for a deal by monday are still unlikely. there was a lot of movement, motion for not a lot of action. >> where were you yesterday? >> i was here. we were together. >> were we ever with our -- no. but there were duelling senate leaders just -- first mcconnell came on. and he said -- did you see either one of those? >> i did. >> did you see harry reid? >> there's no chance of -- >> but if you think -- i want to rise above. there was so little of anything close to that yesterday other than just the -- i mean, people at home must be like, it's the endless blaming and finger pointing and, you know, when one side says it's all the other side's fault and all the other side comes on and says people at home aren't going, wow, i believe you, harry. or i believe i, mitch. they're saying you're both losers, right? >> right. >> my real concern is this is what the current version of america actually voted for. >> the house is different. all politics is local. harry reid, you know which in
to extend tax cuts for most americans. his remarks came as congress leaves washington without a plan to avoid the fiscal cliff. the president said he hoped any deal to avoid the fiscal cliff would also include and extension of unemployment insurance and lay this is about 7 minutes. >> good afternoon, everybody. for the last few weeks, i have been working with the leaders of both parties on a proposal to get our deficit under control, to avoid tax cuts -- to avoid tax hikes on the middle-class. and to make sure we can spur jobs and economic growth. a balanced proposal that cuts spending, but also ask the wealthiest americans to pay more, a proposal that will strengthen the middle class over the long haul, and our economy over the long haul. in the course of these negotiations, i offered to compromise with republicans in congress. i met them halfway on taxes and more than halfway on spending. today, i am still willing to get a comprehensive package done. i still believe that reducing our deficit is the right thing to do for the long-term health of our economy and the confidence of our
. ♪ >> chris: with nine days to go is it possible to make a deal to head off big tax increases, and spending cuts? we'll ask two senate leaders, republican john barrasso, and, democrat, kent conrad. then, as the nation mourns the victims of the newtown school shooting, we turn to a man of faith. for some answers. in these trying times he sees the need for a spiritual awakening. we'll discuss the sandy hook massacre and the meaning of christmas. with pastor rick warren. >>> plus, a change at the state department. as the benghazi report is finally released. we'll ask our sunday panel about the nomination of john kerry to replace hillary clinton. and, where the investigation of a terror attack that killed four americans goes now. and, our power player of the week, continues in holiday tradition, to show respect for veterans. all, right now, on fox news sunday. ♪ >> chris: and hello, again from fox news in washington. at christmas, people who arnauty get coal in their stock and if the white house and congress don't make a deal in the next nine days to avoid the fiscal cliff we ring in the new
is stressing me red. >> leaders need a tax cut, middle tax cut. senate have anything against it they should pay fair share of taxes. neil: you're not santa. you're not, because i know santa. santa is a friend of mine and my santa wouldn't use his position to sell a cheap political point but that's just what this crackpot cringe gel was doing in washington tod. targeting republicans for blocking needed spending and i guess, just being cold, heartless souls. leaving aside reality where the real santa's payingor all the gifts that congress doles out. must we use an icon to plug these morons? by the way, first time th guy was on capitol hill he was reading off a prompter. what idiot reads off a prompter? scroll up a little bit, please. anyway, anyway, it is a biz blitz segment. we have banking big wicking -- bigwig, john allison. i couldn't believe this, john, using santa to sell your cheap thought. your thoughts? >> it is interesting, neil, santa is a very just person. he requires children not to be naughty. he requires implication, he said that children should get what they deserve. and so i thin
1. >> i think we're dealing now with whether or not we can put off the -- the increase in tax rates. that's really all we can deal with now. >> the next session of the senate is now set for tomorrow. the house has nothing on its schedule for this week. members have been told they could be called back within 48 hours' notice. meantime, and this i guess is also the big news, the white house saying the president's going to be flying back from vacation in hawaii today. a lot of people making something of that. i don't know what it means ultimately. >> well, one thing it means -- >> a show of something. >> if i had to get back from hawaii at a minute's notice, you know what it would be. the president will have an easier time of it, i think. right? >> i noticed a couple of news reports saying the cost of the last-minute flight is about $250 -- >> he's the president, he's allowed. he's not going to be like in -- you know, transferring in san francisco or l.a. or something. and hoping that flight isn't -- i think he can just sort of -- >> the good news. >> he can probably work on the way ba
of it as an unwarranted way to rake in extra money for simply going one's job. debra villalon shows us millions of our tax dollars are handed out. >> reporter: we asked state workers about pay. extra pay for the risk. or a hazardous material team. why would administrators at state headquarters reek in more than a million dollars in pay. the emergency was the recession pushing stop staff to put in long hours. >> i don't know what the rules there. there are different categories. >> they basically creating their own emergencies by creating a fiscal crisis. then to handle that crisis, they're benefiting from it. >> reporter: credits point to pay record showing supervisors who can't get overtime. >> the fact they're doing the ones doing the abuse is shocking to me. they should be representing us. >> reporter: employment development is one of dozens agencies. boosting managers pay by as much as $1200 a month. payouts total almost $5 million over 4 years during a time most state employees were being forced into unpaid furloughs. >> it has to be evaluated by management of our department. >> reporter: the fina
and our nation's crippling debt. instead he wants more spending and tax hikes that will hurt our economy and reduces the challenges of his party to deal honestly with the entitlement reform and the big issues that are facing our nation. that's why we find ourselves here today. >> jamie: there's just nine days left. can the lawmakers work out a deal before it's too late? angela mcglowan is a fox news analyst and michael meehan ceo of ben square communications, and advisor to senator john kerry, quite a week for him. angela, before i talk to you, is whether or not a deal could happen before it's too late, is that question moot? >> no, it isn't, jamie. a deal can happen and i believe that a deal will happen. i'm going to make a statement that president obama made about being optimistic. i'm optimistic that they can cut a deal for what they need to stop doing is this political theater. they are he' still playing politics and this negotiation debacle is an example of how washington d.c. is broken, but i don't fault boehner, i fault president obama and the tea party. >> jamie: mike, at this po
to work toward a package that prevents a tax hike on middle class americans. >> this is something within our capacity to solve. it doesn't take that much work. we just have to do the right thing. so call me a hopeless optimist, but i still think we can get it done. >> earlier in the day, speaker boehner held a news conference. a vote on his so-called plan "b" was scrapped thursday night when it became clear it did not have enough support among house republicans to secure passage. >> a situation where because of the political divide in the country, because of the divide here in washington, trying to bridge these differences has been difficult. if it were easy, i'll guarantee you this would have been done decades before. >> joining me now, congressional reporter for "the washington post," ed o'keefe. good to see you. >> good to see you too. any kind of realistic timetable that this will be done before january 1st? >> what the president is most concerned about now, making sure unemployment insurance is extended for those that need it and where taxes remain where they are for people making u
the speaker can't tell what they're going to do. >> i don't want taxes to go up. republicans don't want taxes to go up. but we only run the house. democrats continue to run washington. >> call me a hopeless optimist, but i actually still think we can get it done. >> eamon javers live in washington. eamon, fascinating to look at that tape in retrospect. >> i think a lot of people in washington think the make-or-break deal making sessions have already happened here. and one republican senator i talked to this morning said there are very low expectations now for this meeting at the white house today. and boy, how times have changed, carl. just watching that tape that you just ran. one of the things that i'll be watching for when i'm standing on the white house north lawn this afternoon is whether or not these four congressional leaders come out as they did back in november and talk to the press after the meeting. we've had a lot of meetings at the white house where people have left very quickly, gotten into a suv and driven off the complex without talking to reporters. if they come out to those
they're principally opposed to tax increases that we don't have a revenue problem that we have a spending problem. to be on record as voting for a very anti-growth tax increase, i think, would imperil their house majority. >> and stf with just new years avenue, december 31st he. but he says actually the drop dead is the 27th to do the technicalities they have to do to pass by the end of the year. december 27th, that's just really a few minutes away. are they going to be able to do anything by then? >> they clearly could do something, but i think it's important for the republicans at this point to sit back and realize they've made a compromise. president obama walked away. now, the ball is in his court to actually give them something much better. if not these tax increases are going to be his, he'll own them and that's what they should want, rather than vote for something that's really going to hurt, hurt their reputation as being against tax increases. >> alisyn: but of course, the president, for whatever reason, thinks that polls and the public and his presidential win and the
with trillions more in spending in the same ten years, how are they ever going to reform the tax code, reform the budget process, simplify the rules and regulations that both parties thought they would attempt to do? i mean, this is not a good preview to coming attractions. >> the short answer this particular body will not do it. at some point down the road, 10 years, 15 years. to your point earlier about the market's reacting, at some point we will become greece, there aren't any more hypothesis. >> charles, why are they still relatively calm? i think they're relatively calm because of what charlie said. the markets believe we will get a deal. the leadership is trying to get a deal, but it's not easy and by the way by the way-- >> adam, adam. >> charlie, not the end of the world. >> markets like short-term fixes, too. and just because-- >> markets like money printing and. >> neil: by the way, i know i might offend some of you market enthusiasts here, but markets can be wrong and markets might be satisfied. >> they're always wrong. >> neil: a short-term gift and remember the first tarp vote r
and he said it was a tax. not a fee. >> well, it needs more clarification. >> south carolina senator jim demint, who is resigning his senate seat and becoming the president of the heritage foundation, which in effect is an admission that the tea party forces where he was their mentor and benefactor, that they are a spent force in the senate at least. >> what kind of a salary does that job have? >> a million plus with a little financial incentive. >> a million bucks a year. >> that has nothing to do withth him going over there, though? >> i think it has something to do with it. >> i would say the abandonment by this administration of a 30-year ally. namely, mubarak in egypt in such a way that it lost and undermine the confidence of the entire arab world in the loyalty and credibility of america as an ally. >> i put morsy in there. >> i did. >> it goes to president obama from the marijuana growers in california because he promised he was going to back off of marijuana prosecutions in states where medicinal marijuana had been legalesed and they have continued up there in particular. this ha
that prevents a tax hike on middle class americans, protects unemployment insurance for 2 million americans and lays the groundwork for further work on both growth and deficit reduction. that's an achievable goal. that can get done in ten days. >> you know, president obama today could have come out, and he could have just punched boehner right in the nose. he could have come out and kicked the guy today when he was politically down. but the president came out today with a demeanor of, hey, let's do a deal. it was a rough night at the office, but let's not give up on this. president obama has gone back to the basics. the days of the grand bargain he knows are over. but the president wants an extension on tax cuts for income below $250,000, as well as extended unemployment benefits. what's wrong with that? spending cuts can be dealt with later on in the future. and, of course, as luck would have it, there is already a bill exactly like this sitting in the united states senate. harry reid passed it back in july, and republicans refused to vote on it. boehner, why don't you vote on that? the ti
passed earlier this year to continue tax breaks for households will incomes below $250,000. a senate bill would likely contain an extension of expiring unemployment benefits. and the other big news of the morning, treasury secretary tim geithner unveiling a plan to buy time under the debt ceiling. in a letter to congress, geithner saying that treasury is going to begin taking steps this week to delay hitting the government's 16$16.4 trillion borrowing limit. treasury will take several measures to save that next year to keep the government from reaching the limit for about two months. but geithner warns it is harder to predict how long the delay will last because of all of this ongoing fiscal cliff negotiations making it harder to forecast what revenue and tax spending will be next year. >>> the journal says right here the white house and congressional leaders have shown no signs of progress in the senate or elsewhere. and then, you know, i don't think we've run this bite enough. >> tim geithner told steve liesman. >> i have it ready. >> that he is we should show it multiple times. >> tt i
clear on the outlines of what a deal would look like, to raise taxes on those earning $250,000 and more, and keep them where they are for everyone else. the bottom line, john, is with this little time left, is there anything that's going to avert getting us over -- going over the cliff, and the oddsmakers in washington really feel at this point, probably not, we're probably going over that cliff, john. >> that is not cheerful news, jessica. >> sorry. >> dana, what are you hearing? we just reported earlier that senators reid and mcconnell, they just met, but now they're saying, it wasn't about the fiscal cliff. what else is there to talk about? >> reporter: no. i think we know exactly what their new year's eve plans will be, we're going to be right here. senator reid himself said that they did not discuss that. and it seems to be that that is an indication, at least to republicans here on capitol hill, that it is the president's move next to make more clear what jessica is talking about. that the president has said publicly, he wants to do as kind of that stopgap, scaled down version. in
of mortgage tax deductions. lou: what would happen if that would be implemented? th >> i think i would not recommen. lou: or not at this stage of theit recovery. lou: somehow i thought i would be your answer, as it would be for most homeowners who got used to that deduction. it is great to have you with us. the amaou. the fiscal cliff fiasco. the obama plan, to the speakersi boehner plan, it will either o alter the rising rate of spending were less than the science of our bloated government. the answer in tonight "chalk talk" is coming up so, this board gives me rates for progressive direct and other car insurance companies? yes. but you're progressive, and they're them. yes. but they're here. yes. are you...? there? yes. no. are you them? i'm me. but those rates are for... them. so them are here. yes! you want to run through it again? no, i'm good. you got it? yes. rates for us and them -- now that's progressive. call or click today. lou: you know, everybody's getting pretty excited about that fiscal cliff negotiation or impasse, however you want to3 style it. mayi want t showu
-class tax hike is not a democratic responsibility or republican responsibility. with their foes the american people have determined that gorning is a shared responsibility between both parties in this congress laws can only pass with support from democrats and republicans, and that means nobody gets 100 percent of what they want. lou: there ae only ten days remaining to the fiscal cliff. president obamaeaded to value within actually minutes, and members of congress have also gone home for chrrstmas vacation already. in a news conference today, speaker boehner admitted negotiations with the president have, indeed, been difficult. >> until the president on monday, these are my bottom lines. the president told me hat his numbers, $1 trillion in new revenues, 850 billion in spending cuts was his bottom-line. he could not go any further. lou: and he didn't. the plan be option collapsing last night when he failed to get republican support to raise taxes on only those making more than a million dollars a year. over in the senate majority leader harry reid pounced on the very public embarrassing def
parameters on tax and spending policy. >> is there anything that's immune to the fiscal cliff talk, anything you would buy right here? >> well, i would say, you know, first of all, i might push back a little bit. i think that the market has been a little bit complacent. i think the market believes that -- than common sense will prevail in this, and i -- i -- as i keep saying i believe that the calculus of congress is complex. it doesn't follow the normal accounting results, and so we just assumed that everything is going to be fine and in that sense we believe that the tail risks regarding the fiscal cliff have not really been fully priced in. we do believe there's risk here. if we can get past this, then clearly i think we've got a very positive environment given all the other good things that have been said over and above that, that if we go over the cliff, if there's a real possibility, then we'll see consumer incomes go down and like i said earnings expectations are likely to be revised lower, so what do we like fundamentally? >> pretty defensive areas in many cases there? >> i would say
is restricting jobs and tax base. i would encourage people to get involved in your institute and fight this because it is not doing anything for the economy or our country. merry christmas to everybody. host: john, thank you for the call. what is the history of the cato institute, founded in 1977? guest: it was founded to promote liberty and economic freedom, starting in san francisco, and then move into washington, d.c. milton friedman admitted the kindle institute has never sold out. we still work for liberty and freedom. i've been working with the cato institute since 1995 and full time since 2007. host: mary, fort washington, maryland. democrat. caller: i would suggest thinking that if you follow all of the problems come at the end of the trail you will find the smiling grin of greed. that is what i think caused it. for myself, naca program helped us, taking us out of the ugly arm. my mortgage is $964 a month, which will allow us to stay in our home comfortably. guest: people blame things like a financial crisis on greed, but greed is not changing. it has been with us for hundreds
upheld as a tax which i agree w. the long and short of it was it's the same analysis that we rendered all yearlong. it's 2700 pages long, i'm not sure anybody understan understands. i asked a friend of mine who is a physician can you tell me what is in the health code. he looked at me bang leave. >> john, what do you think about the court a growing to take up two gay marriage cases, what could be the impact of that? >> well, the court has a balancing act to do. obviously if you're a person of homosexuality and would like your rights there is an equal protection clause in the constitution. so the court is actually going to be visiting this and applying a balancing test to what if any rights gay people and gay marriages have, and apply it accordingly. it will be interesting to see how the court particularly will interpret that classification of people, specifically homosexuals and what they want to do, which is get their full rights as any one of us members of society have. that is going to be interesting. going become to the obama clause, the obama healthcare act i thought that was a parti
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